Dubai: The Dubai Electricity and Water Authority (Dewa) reported the financial close for their 200MW IPP Phase II project.
Phase II of the Mohammad Bin Rashid Al Maktoum Solar Park is a photovoltaic plant based on an Independent Power Producer (IPP) model and will begin operation by 2017.
“Solar energy will account for 7 per cent of the total energy production by 2020 and 15 per cent by 2030,” said Saeed Mohammed Al Tayer, managing director and CEO of Dewa who signed the project on March 26, 2015.
Dewa holds 51 per cent of the shares in the project’s holding company, Shuaa Energy1. The remaining 49 per cent shares are held by the bidders ACWA & TSK.
The 4.5 square kilometre project is expected to help achieve a reduction of approximately a 400,000 tonnes of carbon emissions by 2020, in line with the green initiatives and programmes of the Dubai government.
The plant will increase the size of solar energy projects in Dubai to 220MW. The government views it as a step towards achieving the objectives of the Dubai Integrated Energy Strategy 2030, in which solar-powered electricity is set to become part of Dubai’s energy portfolio through measures to grow renewable energy’s share in the energy mix.
